2 November 2024
Binance Aims To Boost Indian Startup Ecosystem By Funding $50 Million
Binance, a global decentralized cryptocurrency exchange has raised $50 million to fund blockchain technology in India.
As per the reports, each startup will be funded with $100,000 and it will open the direct access to Binance’s global blockchain ecosystem to India’s entrepreneurial community. These funds will be also used in projects such as Binance Coin, Binance USD and WRX coins up to $5 million. The mentioned names are the forms of cryptocurrency that are managed through a secure digital ledger without involving any physical aspect.
Binance founder and CEO Changpeng Zhao said,
“When our team visited India last year, we saw that the blockchain startups were witnessing tremendous challenges in fundraising and scaling projects to meet growing consumer demands.”
The funds will be utilized in investments that include fiat-to-digital assets gateway solutions, trading platforms, payment and remittance solutions, digital asset wallets, DeFi platforms, and decentralized applications. WaziX founder, Nischal Shetty stated,
“the projects will receive mentoring from the leaders within the Binance ecosystem.”
Binance’s global blockchain ecosystem involves Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance Academy, Binance X and portfolio companies such as WazirX, DappReview and Trust Wallet among others.
The Shetty further added,
“We also plan to provide support to universities and student organizations who want to set up blockchain tech incubators at their college to accelerate blockchain education in India.”
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